Tax Blog
I have heard a few things but nothing detailed. I know with the sales tax there would be no IRS (as we know it) and no withholdings in our checks. What have been the rates that were suggested? Who would this affect and how? Would tax credits and rebates be a thing of the past?
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Tax Questions & Answers
I don’t believe that a national sales tax would be bad. Tax based on spending rather than income would encourage savings, and would have the biggest spenders pay the most tax. There would have to be a yearly rebate for every citizen, which would effectively make low income earners pay little or no tax. As long as the rebate is given equally to all and there is one flat percentage for all spenders, it would work and be fair.
The more you spend, the more tax you pay. Pretty simple, and ultimately more fair than the bloated system now in use.
A national sales tax would be similar to the sales taxes you pay in most states except it would be in addition to those state taxes.
If it were set up and run efficiently it could provide much sanity for the average American family who would no longer have to become involved with income tax reportings.
However, don’t hold your breath while waiting for this to happen. It’s been talked about for a long time with no effort to bring it about.
Our tax codes are so complicated that they keep thousands of lawyers working and whom do you think writes new laws? Do you honestly believe they’re going to write themselves out of a job?